ThomsonReuters

JULY 1, 2022

In our last edition of the Certified Payroll Professional (CPP) Corner, we talked about overtime. There are a number of payroll-related penalties that can come from the IRS. Interested in payroll topics? Important overtime happenings. As mentioned in the last edition, the U.S. Form W-2 filing season.

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Xero

JULY 25, 2022

If you’ve set up an off-payroll worker in UK Payroll, you might have noticed that it looks different from employee setup. But don’t worry, all sections across the employee profile are still available, with nothing added or removed. We’ve moved the setup menu to the left hand side – similar to the off payroll workers’ setup.

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payroll Technology bookkeeping 83

Shay CPA

MARCH 6, 2024

For most companies, payroll makes up a huge category in the latter. It’s the R&D credit that the IRS will let you apply toward payroll taxes. Reducing your payroll tax liability The IRS has long offered a tax credit for increasing research activities. It’s a key component in keeping things running, of course.

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ThomsonReuters

DECEMBER 29, 2020

The law includes a number of payroll-related provisions aimed at helping employers and workers close out 2020 and begin 2021. The editors of the Thomson Reuters Checkpoint payroll news team feel it would not be too bold to write that 2020 has been a challenging one. Extension of Certain Deferred Payroll Taxes.

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Cherry Bekaert

OCTOBER 6, 2023

Notice 2023-63 Provides Clarity on Capitalization and Amortization of Research Costs On September 8, 2023, the Internal Revenue Services (IRS) released Notice 2023-63 (the Notice), Guidance on Amortization of Specified Research or Experimental (SRE) expenditures under Internal Revenue Code Section 174.

Tax 52

Tax payroll payroll tax accounting and finance 52

Ronika Khanna CPA,CA

NOVEMBER 3, 2023

In this case, where your worker is clearly an employee, you must register for payroll, pay them a salary and submit regular, periodic payroll reports and payments to the Canada Revenue Agency (CRA). Digital Download Available at Amazon how do you register for a federal Payroll Account?

payroll 52

payroll income tax Tax accounting and finance 52

Shay CPA

MARCH 22, 2023

As part of the Tax Cuts and Jobs Act (TCJA), there was a change to Section 174 that directly impacts the R&D tax credit many startups take. There was some hope that Congress would step in and protect business owners from the Section 174 changes, but ultimately, nothing happened. New York), this also impacts that base rate.

Tax 52

Tax accounting principles accounting and finance income tax 52

Patriot Software

JULY 26, 2021

When you dive into different small business employee benefits, you might consider a section 125 plan. But, what is a section 125 plan? Are section 125 plans pre-tax health insurance? Benefits include everything from retirement plans to health insurance coverage. Is it a cafeteria plan? Keep […] READ MORE.

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ThomsonReuters

FEBRUARY 9, 2022

Part 1 of this blogpost explains how prevalent payroll is in our daily lives with a focus on key issues in 2022, including worker classification, COVID-19 vaccine mandates, and wage and hour. Read part 2 for more 2022 payroll trends. Worker classification is a big issue for businesses. There may be more changes in 2022.

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ThomsonReuters

JANUARY 14, 2022

The top payroll related searches for 2021. Payroll practitioners and employers alike continue to be challenged by the unique issues that COVID-19 has imposed on payroll administration. Payroll on Checkpoint has analyzed the searches of our subscribers to create this Top 20 list of topics in the forefront in 2021.

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Xero

DECEMBER 6, 2022

As we near the end of the year and begin to wind down for the summer break, it’s a good time to make sure you’ve got your payroll sorted. We get asked lots of payroll questions around this time of year so here are the answers to the most common ones. Can I process payroll in advance, and how will this work with payday filing?

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ThomsonReuters

AUGUST 19, 2021

Several have asked about making HSA contributions on a pre-tax basis so they can receive income tax savings every payroll period (instead of waiting until they file their tax returns) and avoid paying FICA taxes on those contributions. Our company could also save its share of FICA taxes on the contributions.

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CPA Practice

APRIL 1, 2024

A key warning sign that businesses should be aware of are vendors that require large contingency fees and/or fail to sign the amended payroll tax returns. The AICPA has provided a number of resources to its members and the public to help them identify dishonest vendors and has strongly discouraged dealings with these ERC mills.

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Shay CPA

MAY 3, 2023

For most companies, payroll makes up a huge category in the latter. It’s the R&D credit that the IRS will let you apply toward payroll taxes. Reducing your payroll tax liability The IRS has long offered a tax credit for increasing research activities. It’s a key component in keeping things running, of course.

payroll tax 52

payroll tax payroll Tax tax return 52

ThomsonReuters

JULY 13, 2021

Now let’s take a look at some of the more important payroll stories from the past week. The bill would amend the Internal Revenue Code and Employee Retirement Income Security Act of 1974 to allow multiple employers to provide Section 403(b) plans to employees as if they were a single plan. Federal News. SAVE Act under review in House.

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CPA Practice

OCTOBER 20, 2023

Here’s the crux of the matter: If a worker is classified as an employee, the employer must pay its share of payroll taxes, withhold the employee’s share of payroll taxes and required income taxes and report those amounts to the IRS. How can you tell them apart?

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payroll tax payroll income tax Tax 116

ThomsonReuters

MARCH 15, 2021

This section was added after the American Jobs Creation Act of 2004 was signed into law and covers compensation arrangements, such as salary and bonus deferral arrangements, severance pay arrangements, taxable reimbursement arrangements, and certain in-kind benefits (i.e., club memberships and automobiles). Federal News.

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ThomsonReuters

JUNE 10, 2021

Let’s go over a few summertime tax tips for payroll professionals this season: 1) Interns. The flexibilities have to do with the remote inspection of the identity and employment eligibility documents to complete section 2 of Form I-9. For the latest in tax, accounting, and payroll news, visit tax.tr.com/blog.

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CPA Practice

SEPTEMBER 15, 2023

The IRS on Friday previewed proposed changes to certain sections of Form 6765, Credit for Increasing Research Activities , the document used by taxpayers to claim the research and development tax credit. The proposed changes to Form 6765 include: A new Section E with five questions seeking miscellaneous information.

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CPA Practice

MARCH 6, 2023

The American Institute of CPAs (AICPA) has submitted comments to the Department of the Treasury and Internal Revenue Service (IRS) related to changes made to section 162(m) by the American Rescue Plan Act of 2021 (ARPA).

cpas 52

cpas Tax income tax payroll 52

ThomsonReuters

MARCH 1, 2021

This makes a business’s payroll department very important since it is typically an employer’s greatest expense. And arguably the most important (and challenging) time to be a payroll professional, is during the period known as “year-end.” This can make March an interesting month for payroll professionals. Federal News.

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MyIRSRelief

SEPTEMBER 1, 2023

The mere mention of “Tax Audits,” “Unpaid Back Taxes,” “Unfiled Tax Returns,” “941 Payroll Problems,” “Tax Levies,” and “Tax Liens” can send shivers down your spine. 941 Payroll Problems: Balancing Act Business owners know the importance of payroll compliance.

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Withum

FEBRUARY 29, 2024

Ohtani and the Dodgers want to win a World Series, Ohtani wants to be paid at the highest market value for his talent and the Dodgers would like to retain as much payroll flexibility as possible, so the team can be competitive in the future. Let’s start with his federal payroll tax liability.

income tax 105

income tax Tax Sports payroll 105

CPA Practice

MARCH 14, 2023

HR and payroll company Gusto has created a resource hub on its website that contains updated news, information, and advice for its small business customers that used Silicon Valley Bank accounts to fund payroll and other business operations. Wire transfers are the surest and more reliable method for payroll given the current situation.

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ThomsonReuters

JUNE 22, 2021

As COVID-19 vaccinations continue to rise and a sense of normalcy slowly returns, we can hopefully put tumultuous payroll changes behind us. State by State Payroll Tax Changes. Payroll Changes Coming in July appeared first on Tax & Accounting Blog Posts by Thomson Reuters. California. West Virginia. The post Heads Up!

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payroll Virginia Utah West Virginia 72

Withum

FEBRUARY 29, 2024

Ohtani and the Dodgers want to win a World Series, Ohtani wants to be paid at the highest market value for his talent and the Dodgers would like to retain as much payroll flexibility as possible, so the team can be competitive in the future. Let’s start with his federal payroll tax liability.

Tax 97

Tax income tax Sports payroll 97

Bharmal&Associates

OCTOBER 23, 2020

First, if it’s too low and you get caught by the IRS, you will pay not only income taxes and self-employment taxes on the too-low amount, but also both payroll and income tax penalties that can cost plenty. Section 199A Deduction. Getting the S corporation salary right is important. Planning note. Premier Orange County CPAs.

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payroll tax payroll income tax cpas 147

ThomsonReuters

AUGUST 18, 2022

The IRS may need to revise certain employment tax reporting forms, and the forms used to claim the qualified small business payroll tax credit for increasing research activities, after President Biden signed the Inflation Reduction Act ( H.R. 5376 ) into law, which includes a provision increasing the research credit next year. Background. .

payroll tax 105

payroll tax payroll tax return income tax 105

Bharmal&Associates

AUGUST 13, 2020

As you read this, it’s likely that your lawmakers are working on the next Payroll Protection Program (PPP) package. an S corporation, receives a $100,000 PPP loan, spends it all on defined payroll, and the lender forgives the $100,000. He would have the $100,000 plus the tax benefit of the payroll deduction ($45,000).

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payroll income tax tax return Tax 130

CPA Practice

OCTOBER 19, 2023

For details, see the “Correcting an ERC claim, Amending a Return” section of the frequently asked questions about the ERC. The payroll company may need to submit the withdrawal request for the taxpayer, depending on whether the taxpayer’s ERC claim was filed individually or batched with others.

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payroll audit Tax 122

Patriot Software

JANUARY 22, 2020

The post Form I-9 In a Nutshell: Sections, How to Fill Out, and More appeared first on Patriot Software. Not to mention, you need to collect new hire paperwork, including Form I-9, from your workers. Keep reading to learn all about Form I-9, including a breakdown of the form’s different […].

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payroll 59

CPA Practice

NOVEMBER 9, 2023

The Internal Revenue Service Advisory Council (IRSAC) has issued its annual report for 2023 (PDF), including recommendations to the IRS on new and continuing issues in tax administration.

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Construction Tax Government payroll 105

Reckon

MARCH 20, 2024

Your cash flow statement typically consists of three main sections: operating activities, investing activities, and financing activities. Operating activities This section covers cash generated from the primary operations of your business. What does a cash flow statement include?

accounting software 52

accounting software accounting and finance Finance Maine 52

CPA Practice

FEBRUARY 29, 2024

Penalties on payroll and excise tax deposits due on or after Aug. The June 17, 2024, deadline also applies to affected businesses: Quarterly payroll and excise tax returns normally due on Oct. 18, 2023, and before June 17, 2024, are postponed through June 17, 2024, in the manner described in section 8 of Rev. 15, 2023, and Jan.

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Washington Tax tax return income tax 98

Withum

SEPTEMBER 15, 2023

Many companies are experiencing unfavorable cash tax payments when filing their 2022 federal income tax returns this fall, as federal law no longer allows an immediate deduction for Section 174 Research and Experimental (“R&E”) expenses incurred for taxable years beginning after 2021.

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tax return payroll tax income tax Tax 69

ThomsonReuters

AUGUST 25, 2023

According to the IRS, if the software meets certain requirements , it may also qualify for the section 179 deduction and special depreciation allowance. As noted earlier, if the software meets certain requirements, it may also qualify for the section 179 deduction and special depreciation allowance.

Tax 97

Tax Technology Manufacturing payroll 97

Cherry Bekaert

APRIL 4, 2023

Opportunities Include: Accelerate Depreciation Increase Cashflow Claim Catch-up Depreciation from Previously Misclassified Assets Reduce Real Estate Property Taxes Reduce Tax Liabilities Employee Retention Credits (ERC) Employers can be entitled to payroll tax refunds in excess of payroll taxes paid in 2020 and 2021.

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